Shiver Me Timbers! S&P 500 Eyes Treasure, But Is This Gold or Fool's Gold?

A Fine Line Between a Top and a Breakout Savvy?

Blast and Barnacles! The S&P 500 she be inching closer to an all time high aye? But don't go spending your doubloons just yet! Seems some landlubbers who study these charts are wondering if this 'rally' is broad enough or if it's just a clever head fake. As I always say 'The problem is not the problem. The problem is your attitude about the problem.' And right now the market's attitude is... suspect savvy?

Wherefore Art Thou Support Me Hearties?

Ari Wald a clever sort at Oppenheimer says there's enough market cap to push this thing higher but warns of a 'very fine line between a top and a breakout.' He says less than half of the Russell 3000 stocks are in an uptrend! Less than half! That's like sailing the seven seas with only one cannon! He babbles on about soldiers and generals but what I hear is: If the little ships don't support the big ones we're heading for Davy Jones' Locker!

Small Caps Ahoy! A Glimmer of Hope?

But hark! There's a whisper of hope from the Russell 2000 those scrappy little small cap stocks. Wald says they're 'pushing up' against their 200 day moving average. If those little devils can break higher it might just give the whole fleet a boost! As I always say 'Savvy?' Especially when I have no idea what I'm talking about. Which is quite often to be fair.

A Mixed Bag of Booty Matey!

Andrew Thrasher a man who clearly likes alliteration agrees it's a 'mixed bag'. Some stocks are still trying to climb out of the kraken's clutches while others are riding the wave. We need more ships on deck or this treasure hunt could end in a shipwreck!

6,600 Doubloons by October? A Bold Prediction!

But hold yer horses! Craig Johnson a chief market technician (whatever that is) reckons the S&P 500 will hit 6,600 by October! He sees 'legs to this rally'. Legs I tell you! That's almost as impressive as my escape from Isla de Muerta. Almost. He sees advance/decline lines and he likes what he sees. Maybe he's onto something... or maybe he's had a bit too much rum.

The Market Needs a Recharge Like My Compass Needs a Drink

John Kolovos believes the market needed to recharge. A 'stealth correction' apparently occurred. A rollover in gold would help as would signs of strength in small caps and naturally the Federal Reserve cutting interest rates. Also the financial and industrial sectors are doing well. Time to invest or time to run? The dilemma!